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Coordenadoras
Ana Luiza Baccarat da Motta Pinto

Karin Hlavnicka Skitnevsky
Arbitragem
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Fechamento desta edição: 11 de junho de 2012.
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-RVH0DULD5RVVDQL*DUFH]0HGLGDVFDXWHODUHVHGHDQWHFLSDomRGHWXWHODQDDUELWUDJHPIn5DIDHOOD)HUUD]H
-RDTXLPGH3DLYD0XQL]FRRUGV$UELWUDJHPGRPpVWLFDHLQWHUQDFLRQDOHVWXGRVHPKRPHQDJHPDR3URI7KHySKLOR
de Azeredo Santos5LRGH-DQHLUR)RUHQVHS
9
6REUHRWHPD&DUORV$XJXVWRGD6LOYHLUD/RERH5DIDHOGH0RXUD5DQJHO1H\Revogação de medida
OLPLQDUMXGLFLDOSHOR-Xt]RDUELWUDO5HYLVWDGHGLUHLWREDQFiULRGRPHUFDGRGHFDSLWDLVHGDDUELWUDJHP6mR
3DXORDQRQDEUMXQS/XL]5REHUWR$\RXE$UELWUDJHPRDFHVVRjMXVWLoDHDHIHWLYLGDGHGR
SURFHVVR²XPDQRYDSURSRVWD5LRGH-DQHLUR/XPHQ-XULVS-RVp$QWRQLR)LFKWQHUH$QGUp/XtV
0RQWHLUR0HGLGDVXUJHQWHVQRSURFHVVRDUELWUDOEUDVLOHLURIn-RVp$QWRQLR)LFKWQHUH$QGUp/XtV0RQWHLUR
Temas de arbitragemSULPHLUDVpULH5LRGH-DQHLUR5HQRYDU
ARBITRAGEM
UmRVROLFLWiODVDRyUJmRGR3RGHU-XGLFLiULRTXHVHULDRULJLQDULD
PHQWHFRPSHWHQWHSDUDMXOJDUDFDXVDµ
2VWHUPRVHPSUHJDGRVQRUHIHULGRGLVSRVLWLYRVRPDGRDRIDWRGHDRiUELWUR
QmRVHUFRQIHULGRRLXVLPSHULXPFKHJRXDJHUDUDLQWHUSUHWDomRVHJXQGRDTXDODHTXL
SDUDomRHQWUHRMXL]GHIDWRHGLUHLWRHRiUELWURIHLWDSHORDUWGD/HLGH$UELWUDJHP
VRIUHULDXPDEUDQGDPHQWRHTXHSRUFRQVHTXrQFLDQDKLSyWHVHGHQHFHVVLGDGHGHPH
GLGDFDXWHODUQRFXUVRGRSURFHVVRDUELWUDOHVVDGHYHULDVHUUHTXHULGDDRMXL]HVWDWDO10
2XWUD FRUUHQWH QmR WmR H[WUHPD HQWHQGHX TXH RV iUELWURV SRGHULDP VLP
FRQFHGHUPHGLGDVGHXUJrQFLDPDVGHVGHTXHDVSDUWHVDVVLPWLYHVVHPH[SUHVVDPHQWH
SUHYLVWRQDFOiXVXODDUELWUDO111mRREVWDQWHWDLVLQWHUSUHWDo}HVDGRXWULQDPDMRULWiULD
FRQYHUJHQRVHJXLQWHVHQWLGRDFRUGDQGRDVSDUWHVHPVXEPHWHUVHXVOLWtJLRVjDUELWUD
JHPDFRQFHVVmRGDVPHGLGDVFDXWHODUHVpGHFRPSHWrQFLDGRViUELWURV$HVVHUHVSHL
WRH[SOLFDR3URIHVVRU&DUORV$OEHUWR&DUPRQDTXH
´$SDUWHQmRSRGHSHGLUDPHGLGDFDXWHODUDR3RGHU-XGLFLiULR
+DYHQGR FOiXVXOD RX KDYHQGR FRPSURPLVVR D FRPSHWrQFLD p
GRViUELWURV3RUWDQWRRSHGLGRVHUiGLULJLGRDRiUELWUReRiU
ELWURTXHPYDLGL]HUVHDPHGLGDGHYHRXQmRVHUFRQFHGLGDµ12
92
1HVVHPHVPRVHQWLGR-RHO'LDV)LJXHLUD-XQLRUFRPPXLWDSUHFLVmRFRQFOXLTXH
´1R PRPHQWR HP TXH DV SDUWHV FRQYHQFLRQDP D DUELWUDJHP

FRPRIRUPD~QLFDGHVROXomRGRVVHXVFRQÁLWRVSRUYHQWXUDGH
FRUUHQWHVGRSUySULRFRQWUDWRDSHQDVDMXULVGLomRSULYDGDpTXH
VHUiFRPSHWHQWHSDUDGHFLGLORVLQFOXVLYHDVOLGHVDFDXWHODWyULDV
GHOHVGHFRUUHQWHVHRXWUDVPHGLGDVGHXUJrQFLDUHODFLRQDGDVFRP
RPHVPRREMHWRFRQÁLWXRVRµ
10
6HJXQGR3DXOR)XUWDGRH8DGL%XORV´1mRWrPDLQGDRiUELWURRXRWULEXQDOFRPSHWrQFLDSDUD
SURFHVVDUHMXOJDUDDomRFDXWHODUTXHSRUYHQWXUDVHIDoDQHFHVViULDQRFXUVRGRSURFHGLPHQWRDUEL
WUDOµ3DXOR)XUWDGRH8DGL/DPPrJR%XORV/HLGD$UELWUDJHPFRPHQWDGDEUHYHVFRPHQWiULRVj/HLGH
6mR3DXOR6DUDLYDS
11
3DXOR&H]DU3LQKHLUR&DUQHLURHQWHQGHVHU´HYLGHQWHTXHDFRQYHQomRGHDUELWUDJHPGHYHUHJXODU
RVOLPLWHVGRSURQXQFLDPHQWRGRiUELWURVREUHPHGLGDVFDXWHODUHV$VVLPHOHQmRSRGHUiFRQFHGHUPH
GLGDVFDXWHODUHVTXDQGRHODVIRUHPLUUHYHUVtYHLVVDOYRVHH[SUHVVDPHQWHDXWRUL]DGRVSDUDWDQWRµ3DXOR
&H]DU&DUQHLUR$VSHFWRVSURFHVVXDLVGDQRYDOHLGHDUELWUDJHPIn3DXOR%RUED&DVHOODFRRUG$UELWUDJHP
DQRYDOHLEUDVLOHLUDHDSUD[HLQWHUQDFLRQDO6mR3DXOR/WUS
12
&DUORV$OEHUWR&DUPRQD0HGLGDVFDXWHODUHVHPSURFHVVRDUELWUDODVROXomRGDOHLEUDVLOHLUDHDVH[SHULrQFLDV
estrangeirasIn6HPLQiULRLQWHUQDFLRQDOVREUHGLUHLWRDUELWUDO%HOR+RUL]RQWH&kPDUDGH$UELWUDJHPGH
0LQDV*HUDLVS

-RHO'LDV)LJXHLUD-U$UELWUDJHPMXULVGLomRHH[HFXomRDQiOLVHFUtWLFDGD/HLGH6mR3DXOR
57S
KATHERINE SPYRIDES
7UDQVFUHYHVHDLQGDEULOKDQWHFRQFOXVmRGH&DUORV$XJXVWR6LOYHLUD/2%2
H5DIDHOGH0RXUD5DQJHO1H\WRWDOPHQWHDOLQKDGDDXPDGDVSULQFLSDLVSUHRFXSDo}HV
GHVVHHVWXGRTXHpDHIHWLYLGDGHGDDUELWUDJHP
´6HRGRDUWGD/HLQLPSHGLVVHRViUELWURVGH
FRQFHGHUPHGLGDVFDXWHODUHVHVWHVSHUPDQHFHULDPFRPRPHURVHV
SHFWDGRUHVGRFRQÁLWRTXHGHYHULDPSDFLÀFDUYLRODQGRRVGHYHUHV
DVVXPLGRV TXDQGR GD DFHLWDomR GH VXD GHVLJQDomR H FRQGHQDQGR
RLQVWLWXWRGDDUELWUDJHPQR%UDVLODRPDLVFRPSOHWRGHVFUpGLWRµ14
2VWUHFKRVGRVDFyUGmRVDEDL[RGR7ULEXQDOGH-XVWLoDGRV(VWDGRVGH6mR
3DXORH0LQKDV*HUDLVUHVSHFWLYDPHQWHVHUYHPFRPRGHPRQVWUDomRFULVWDOLQDGDLQ
WHUSUHWDomRGHWDOGLVSRVLWLYRSHODVFRUWHVMXGLFLDLVQRVHQWLGRGHUHFRQKHFHUDFRPSH
WrQFLDGRViUELWURVSDUDFRQFHGHUPHGLGDVGHXUJrQFLDHFDXWHODUHV
´,QVWDXUDGRRMXt]RDUELWUDODVPHGLGDVXUJHQWHVGHYHPVHUOH
YDGDV DR FRQKHFLPHQWR GR iUELWUR TXH GHVVD IRUPD VROLFLWDUi
DTXHODVTXHHQWHQGHUFDEtYHLVSHUDQWHRyUJmRGR3RGHU-XGLFL
iULRTXHVHULDRULJLQDULDPHQWHFRPSHWHQWHSDUDMXOJDUDFDXVD
93
QRVWHUPRVGRDUWGD/HLµ15
´$VVLP FRPR QD KLSyWHVH HP DQiOLVH DV SDUWHV RSWDUDP SHOD
MXULVGLomR SULYDGD XPD YH] ÀUPDGD D FOiXVXOD FRPSURPLVViULD
HFRQVWLWXtGRRMXt]RDUELWUDOSDVVDDGHWHURiUELWURRSRGHUGH
GL]HURGLUHLWRDVHUDSOLFDGRjFRQWURYpUVLDHDGLULPLUWRGDVH
TXDLVTXHUTXHVW}HVUHODFLRQDGDVDRFDVRHPH[DPHLQFOXVLYHDV
GHPDQGDVFDXWHODUHVTXHQmRIRUDPFRQIRUPHVHLQIHUHGRSDF
WRHPFRPHQWRH[FOXtGDVGDDSUHFLDomRiUELWURVµ
(VVHHQWHQGLPHQWRHVWiQLWLGDPHQWHUHÁHWLGRQRVUHJXODPHQWRVGHDUELWUDJHP
GHDOJXPDVLQVWLWXLo}HVDUELWUDLVWDLVFRPRQRGR&HQWURGH$UELWUDJHPH0HGLDomRGD
&kPDUDGH&RPpUFLR%UDVLO&DQDGi´&&%&µGD&kPDUDGH0HGLDomRH$UELWUDJHP
14
&DUORV$XJXVWRGD6LOYHLUD/RERH5DIDHOGH0RXUD5DQJHO1H\Revogação de medida liminar judicial
SHORMXt]RDUELWUDOIn5HYLVWDGHGLUHLWREDQFiULRGRPHUFDGRGHFDSLWDLVHGDDUELWUDJHP6mR3DXORDQR
QDEUMXQS
15
7-63&kPDUDGH'LUHLWR3ULYDGR$SHODomR&tYHOF9HU5HODWRU'HVHPEDUJD
GRU6LOYpULR5LEHLURM

7-0*&kPDUD&tYHO$JUDYRGH,QVWUXPHQWR5HODWRU'HVHPEDUJDGRU
'RPLQJRV&RHOKRM

&&%&27ULEXQDO$UELWUDODGRWDUiDVPHGLGDVQHFHVViULDVHFRQYHQLHQWHVSDUDRFRU
UHWR GHVHQYROYLPHQWR GR SURFHGLPHQWR H TXDQGR RSRUWXQR UHTXHUHUi j DXWRULGDGH MXGLFLiULD
ARBITRAGEM
GD$VVRFLDomR&RPHUFLDOGR3DUDQi´$5%,7$&µGR&HQWUR%UDVLOHLURGH0HGLDomRH

$UELWUDJHP´&%0$µ19HGD&kPDUDGH$UELWUDJHP(PSUHVDULDO²%UDVLO´&$0$5%µ20
,QWHUHVVDQWHQRWDUTXHWRGRVRVUHJXODPHQWRVPHQFLRQDGRVXWLOL]DPWHUPRV
²DGRomRDX[tOLR e execução²TXHQmRGHL[DPSDLUDUTXDOTXHUVRUWHGHG~YLGDVREUHRIDWR
GHTXHDFRPSHWrQFLDFRQIHULGDDRMXL]WRJDGRQHVVDVVLWXDo}HVpRGHefetivarIDFWXDO
PHQWHDPHGLGDFDXWHODUTXHFRPSHWLDDRiUELWURdecidir
8OWUDSDVVDGDDTXHVWmRHFRQVWDWDGRTXHRiUELWURH[HUFHDIXQomRMXULVGLFLR
QDOWDPEpPQDFRQFHVVmRGHPHGLGDVGHXUJrQFLDGLJDVHSDUDDTXDOEDVWDVRPHQWH
o cognitioVXUJHDLPSRUWkQFLDGDFRRSHUDomRGRMXt]RHVWDWDOSDUDDH[HFXomRGRSURYL
PHQWRFDVRHVWHH[LMDRXVRIRUoDSDUDVHXFXPSULPHQWR
$ DWXDomR GR 3RGHU -XGLFLiULR IXQFLRQDUi HP KLSyWHVHV FRPR HVVD FRPR
XPlonga manusGDLQVWkQFLDDUELWUDO9HULÀFDGDDSHUWLQrQFLDGRSHGLGRGHPRQVWUDGRV
RVUHTXLVLWRVHVVHQFLDLVGRSHULFXOXPLQPRUDHGRfumus boni iurisRViUELWURVSURIHULUmR
GHFLVmRVREUHFRQFHVVmRGDPHGLGDHFDVRQHFHVViULRRMXL]HVWDWDOGHWHUPLQDUiDH[H
FXomRIRUoDGDGHWDOGHFLVmR$LQGLVSHQVDELOLGDGHGDKDUPRQLDQHVVDVDWXDo}HVUHVLGH
MXVWDPHQWHQDSUHRFXSDomRHPWRUQDUDPHGLGDFRQFHGLGDSHORiUELWURFRQFUHWDHHIH
WLYDSHORMXL]WRJDGR&RPRH[SOLFD3HGUR%DWLVWD0DUWLQVWDORUGHPDUELWUDO´somente se
DSHUIHLoRDFRPRFRQFXUVRGDMXVWLoDHVWDWDOµ21
)DWRpTXHVHDFRRSHUDomRGR-XGLFLiULRQRFXPSULPHQWRGHPHGLGDVFDX
94 WHODUHVFRQFHGLGDVQRFXUVRGRSURFHGLPHQWRDUELWUDOpHVVHQFLDODDVVLVWrQFLDGRMXL]
HVWDWDOpWRWDOPHQWHLQGLVSHQViYHOSDUDRVFDVRVHPTXHWDLVPHGLGDVVmRQHFHVViULDV
DQWHVGDLQVWDXUDomRGDDUELWUDJHPVRESHQDGHSHUHFLPHQWRGRGLUHLWR
0HGLGDVXUJHQWHVSUHSDUDWyULDVDR
SURFHGLPHQWRDUELWUDO
$FRUGDQGR DV SDUWHV TXH D DUELWUDJHP VHUi D IRUPD GH VROXomR GH FRQÁL
WRVRULXQGRVGRFRQWUDWRSRUHODVFHOHEUDGRDRiUELWURVHUiFRQIHULGDDFRPSHWrQFLD
SDUDFRQKHFHUHMXOJDUWDLVGLVSXWDVLQFOXVLYHQRTXHWRFDjFRQFHVVmRGHPHGLGDVGH
FRPSHWHQWHDDGRomRGHPHGLGDVFDXWHODUHVHFRHUFLWLYDV

$5%,7$&27ULEXQDO$UELWUDOSRGHUiGHWHUPLQDUPHGLGDVFRHUFLWLYDVRXFDXWHODUHVHTXDQ
GRQHFHVViULRUHTXHUHUiDX[tOLRjDXWRULGDGHMXGLFLDOFRPSHWHQWHSDUDDH[HFXomRGDUHIHULGDPHGLGD
19
&%0$$PHGLGDRUGHQDGDSHOR7ULEXQDOGHYHUiVHUDFDWDGDSHODSDUWH&DVRFRQWUiULRUHIH
ULGDPHGLGDGHYHUiVHUH[HFXWDGDSHORyUJmRGR3RGHU-XGLFLiULRFRPSHWHQWHSDUDTXHDWLQMDWRGRVRV
ÀQVGHGLUHLWRDOPHMDGRVHSURWHJLGRV
20
&$0$5%27ULEXQDO$UELWUDOPHGLDQWHUHTXHULPHQWRGHTXDOTXHUGDVSDUWHVRXTXDQGRMXOJDU
DSURSULDGRSRGHUiSRUGHFLVmRGHYLGDPHQWHIXQGDPHQWDGDGHWHUPLQDUPHGLGDVGHXUJrQFLDFDXWHOD
UHVRXDQWHFLSDWyULDVGHPpULWR1DKLSyWHVHGHQmRFXPSULPHQWRGHTXDOTXHURUGHPGR7ULEXQDO
$UELWUDOHKDYHQGRQHFHVVLGDGHGHPHGLGDFRHUFLWLYDDSDUWHLQWHUHVVDGDRXR7ULEXQDO$UELWUDOUHTXHUH
UiVXDH[HFXomRDRyUJmRFRPSHWHQWHGR3RGHU-XGLFLiULR
21
3HGUR%DWLVWD0DUWLQV$SRQWDPHQWRVVREUHD/HLGH$UELWUDJHP5LRGH-DQHLUR)RUHQVHS
KATHERINE SPYRIDES
XUJrQFLDHFDXWHODUHV$FOiXVXODDUELWUDOTXHFRQWHPSODHVVHDFRUGRHQWUHDVSDUWHV
DOpPGHDWULEXLUDIXQomRMXULVGLFLRQDODRiUELWURWHPXPHIHLWRQHJDWLYRTXHH[FOXLD
FRPSHWrQFLDGRMXL]HVWDWDOSDUDFRQKHFHUHMXOJDUDVTXHVW}HVUHODWLYDVDTXHOHFRQWUDWR
2FRUUHTXHVLWXDo}HVGHXUJrQFLDFKHJDPVHPDYLVDUHPXLWDVYH]HVDFRQWHFHP
HPPRPHQWRDQWHULRUDRGDLQVWDXUDomRGDDUELWUDJHPHPTXHDLQGDQmRIRLFRQVWLWXtGR
XP7ULEXQDODUELWUDOFRPSHWHQWHSDUDMXOJDURPpULWRGDVGLVSXWDVVXUJLGDVHQWUHDVSDUWHV
'LVS}HRDUWGD/HLQTXHDDUELWUDJHPpLQVWLWXtGDTXDQGR
RiUELWUR²VH~QLFR²RX~OWLPRiUELWURDFHLWDUVXDQRPHDomR2XVHMDDWpHVVHPR
PHQWRQmRKiFRPRDSDUWHLQWHUHVVDGDVXEPHWHUVHXSHGLGRXUJHQWHRXFDXWHODUDR
iUELWURRXDR7ULEXQDODUELWUDO3RURXWURODGRHVVDSDUWHHVHXGLUHLWRQmRSRGHPVH
WRUQDU UHIpQV GR GHFXUVR GR WHPSR QHFHVViULR SDUD D LQVWDXUDomR GR SURFHGLPHQWR
DUELWUDO22,VVRVHPIDODUQRULVFRGHVVHSHUtRGRDORQJDUVHDLQGDXPSRXFRPDLVHP
UD]mRGHGHWHUPLQDGDVFLUFXQVWkQFLDVFRPRSRUH[HPSORQRFDVRGHXPGRViUELWURV
GHFODUDUVHLPSHGLGRSDUDDVVXPLUVXDVIXQo}HVRTXHLPSOLFDULDQDLQGLFDomRGHXP
QRYR QRPH H HP PDLV WHPSR3RU FRQWD GHVVH REVWiFXOR DGPLWHVH H[WUDRUGLQDULD
PHQWHHGHVGHTXHSUHVHQWHVRVUHTXLVLWRVGRSHULFXOXPLQPRUDHGRfumus boni iurisR
DMXL]DPHQWRGHDo}HVFDXWHODUHVDQWHULRUHVjLQVWDXUDomRGDDUELWUDJHPSHUDQWHR3RGHU
-XGLFLiULRFRPRIRUPDGHUHVJXDUGDURVLQWHUHVVHVGDVSDUWHVTXHQmRSRGHULDPÀFDU
GHVDPSDUDGDV SRU FRQWD GD GHPRUD LQHUHQWH j SUySULD LQVWLWXLomR GR SURFHGLPHQWR
DUELWUDOFRQIRUPHH[SOLFDFRPFODUH]D&DUORV$OEHUWR&DUPRQD 95
´$V UHJUDV GH FRPSHWrQFLD SRGHP VHU GHVSUH]DGDV VH KRXYHU
DOJXPREVWiFXORTXHLPSHoDDSDUWHQHFHVVLWDGDGHWXWHODHPHU
JHQFLDO GH WHU DFHVVR DR MXt]R RULJLQDULDPHQWH FRPSHWHQWH R
TXHDFRQWHFHULDQDKLSyWHVHGHDSDUWHLQWHUHVVDGDQmRSRGHU
UHTXHUHUDPHGLGDFDXWHODUDRiUELWURFRPRGHYHULDSHORVLP
SOHVIDWRGHQmRWHUVLGRDLQGDLQVWLWXtGDDDUELWUDJHPRViUEL
WURVDLQGDQmRDFHLWDUDPRHQFDUJRDUWGD/HL'LDQWHGHWDO
FRQWLQJrQFLDDEUHVHDSDUWHQHFHVVLWDGDDYLDMXGLFLDOVHPTXH
ÀTXHSUHMXGLFDGDDDUELWUDJHPDSHQDVSDUDTXHRMXL]WRJDGR
H[DPLQHVHHFDVRGHFRQFHGHUDPHGLGDFDXWHODUFRQFHGLGDD
PHGLGD FHVVD D FRPSHWrQFLD GR MXL] WRJDGR FDEHQGR DRV iU
ELWURV WmR ORJR VHMDP LQYHVWLGRV QR FDUJR PDQWHU FDVVDU RX
PRGLÀFDUDPHGLGDFRQFHGLGDµ
22
$SURSyVLWRGRDVVXQWRID]VHUHIHUrQFLDDRLQWHUHVVDQWHDUWLJRGH$GULDQD%UDJKHWWDHPTXHDÀUPD
TXH´GHDFRUGRFRPDOJXQVUHJXODPHQWRVR7ULEXQDO$UELWUDOGHPRUDGHGLDVDGRLVPHVHVSDUDVHU
FRQVWLWXtGRµ$GULDQD%UDJKHWWD0HGLGDFDXWHODUHDUELWUDJHP,Q5HYLVWDGLUHLWRDRSRQWR'LVSRQtYHOHP
KWWSGLUHLWRDRSRQWRFRPEUGDSDUWLJRVDUWLJRVDVS["LG

&DUORV$OEHUWR&DUPRQD$UELWUDJHPHSURFHVVR6mR3DXOR$WODVS
ARBITRAGEM
$OLQKDGRVDHVWHHQWHQGLPHQWR-RVp$QWRQLR)LFKWQHUH$QGUp/XtV0RQ
WHLURGHIHQGHPTXH
´$ RUGHP MXUtGLFD YLJHQWH QmR SHUPLWH TXH TXDOTXHU OHVmR RX
DPHDoD GH OHVmR D GLUHLWR LQGLYLGXDO RX FROHWLYR QmR GLVSRQKD
GHXPyUJmRSURQWRHDSWRDLPSHGLODRXUHSDUiOD$VVLPVH
RWULEXQDODUELWUDOQmRHVWDIRUPDGRHROLWtJLRH[LJHLQWHUYHQomR
MXULVGLFLRQDO RV yUJmRV GD MXULVGLomR HVWDWDO SHUPDQHQWHPHQWH
DGLVSRVLomRGRVMXULVGLFLRQDGRVGHYHUmRVHUHQYLDGRV7UDWDVH
QRFDVRGHXPDDOWHUQDWLYDSURYLVyULDDVHUXWLOL]DGDHQTXDQWR
QmRFRQVWLWXtGRRWULEXQDODUELWUDOµ24
,QWHUHVVDQWHQRWDUTXHGLYHUVRVUHJXODPHQWRVGHDUELWUDJHPFRQWHPSODPD
SRVVLELOLGDGHGHUHTXHUHUDFRQFHVVmRGHPHGLGDVXUJHQWHVDRMXGLFLiULRHPWDLVVLWX
Do}HVHDOJXPDVGHODVFKHJDPLQFOXVLYHDSUHYHUH[SUHVVDPHQWHTXHWDOUHFXUVRQmR
UHSUHVHQWDYLRODomRjFRQYHQomRGHDUELWUDJHPQHPUHQ~QFLDDR-Xt]RDUELWUDO25
1HVVD HVWHLUD ID]VH UHIHUrQFLD j MXULVSUXGrQFLD EUDVLOHLUD HP HVSHFLDO DRV
WUHFKRVWUDQVFULWRVGHLPSRUWDQWHVGHFLV}HVGRV7ULEXQDLVGH-XVWLoDGRV(VWDGRVGR
96 5LRGH-DQHLUR6mR3DXORH0LQDV*HUDLV
24
-RVp$QWRQLR)LFKWQHUH$QGUp/XtV0RQWHLUR0HGLGDVXUJHQWHVQRSURFHVVRDUELWUDOEUDVLOHLURIn-RVp$QWRQLR
25
$SURSyVLWRVmRWUDQVFULWRVDUWLJRVH[WUDtGRVGRVUHJXODPHQWRVGHDUELWUDJHPGDVVHJXLQWHVLQVWL
WXLo}HV&RUWH,QWHUQDFLRQDOGH$UELWUDJHPGD&kPDUDGH&RPHUFLR,QWHUQDFLRQDO²&&,²$V
SDUWHVSRGHUmRDQWHVGDUHPHVVDGRVDXWRVDR7ULEXQDO$UELWUDOHSRVWHULRUPHQWHHPFLUFXQVWkQFLDV
DSURSULDGDVUHTXHUHUDTXDOTXHUDXWRULGDGHMXGLFLDOFRPSHWHQWHTXHRUGHQHDVPHGLGDVFDXWHODUHVRX
SURYLVyULDVSHUWLQHQWHV2UHTXHULPHQWRIHLWRSRUXPDGDVSDUWHVDXPDDXWRULGDGHMXGLFLDOSDUDREWHU
WDLVPHGLGDVRXDH[HFXomRGHPHGLGDVVLPLODUHVRUGHQDGDVSRUXP7ULEXQDO$UELWUDOQmRVHUiFRQVL
GHUDGRFRPRLQIUDomRRXUHQ~QFLDjFRQYHQomRGHDUELWUDJHPHQmRFRPSURPHWHUiDFRPSHWrQFLDGR
7ULEXQDO$UELWUDODHVWHWtWXOR4XDLVTXHUSHGLGRVRXPHGLGDVLPSOHPHQWDGDVSHODDXWRULGDGHMXGLFLDO
GHYHUmRVHUQRWLÀFDGRVVHPGHPRUDj6HFUHWDULDGHYHQGRHVWDLQIRUPDUR7ULEXQDO$UELWUDO&%0$²
+DYHQGRXUJrQFLDHDLQGDQmRLQVWDODGRR7ULEXQDODVSDUWHVSRGHUmRUHTXHUHUPHGLGDVFDXWHODUHV
RXFRHUFLWLYDVjDXWRULGDGHMXGLFLDOFRPSHWHQWH1HVVHFDVRDSDUWHGHYHUiLPHGLDWDPHQWHGDUFLrQFLD
GRSHGLGRDR&HQWUR$5%,7$&²6HDLQGDQmRLQVWDODGRR7ULEXQDO$UELWUDODVSDUWHVSR
GHUmRUHTXHUHUWDLVPHGLGDVjDXWRULGDGHMXGLFLDOFRPSHWHQWHGHYHQGRQHVWHFDVRGDUFLrQFLDLPHGLDWD
j$5%,7$&&$0$5%²(QTXDQWRQmRLQVWDODGRR7ULEXQDO$UELWUDODVSDUWHVSRGHUmRUHTXHUHU
PHGLGDVFDXWHODUHVRXDQWHFLSDWyULDVGHPpULWRjDXWRULGDGHMXGLFLDOFRPSHWHQWH1HVWHFDVRDSDUWH
GHYHUiLPHGLDWDPHQWHGDUFLrQFLDGRSHGLGRj&$0$5%H2UHTXHULPHQWRHIHWXDGRSRUXPD
GDVSDUWHVDXPDDXWRULGDGHMXGLFLDOSDUDREWHUPHGLGDVFDXWHODUHVRXDQWHFLSDWyULDVGHPpULWRDQWHVGH
FRQVWLWXtGRR7ULEXQDO$UELWUDOQmRVHUiFRQVLGHUDGRUHQ~QFLDjFRQYHQomRGHDUELWUDJHPWDPSRXFR
H[FOXLUiDFRPSHWrQFLDGR7ULEXQDO$UELWUDOSDUDUHDSUHFLiOD
KATHERINE SPYRIDES
´$VVLPVHRWULEXQDODUELWUDOQmRHVWiIRUPDGRHROLWtJLRH[LJH
LQWHUYHQomRMXULVGLFLRQDORVyUJmRVGDMXULVGLomRHVWDWDOSHUPD
QHQWHPHQWHjGLVSRVLomRGRVMXULVGLFLRQDGRVGHYHUmRVHULQYR
FDGRV HQTXDQWR PDQLIHVWDomR GR SULQFtSLR GD LQDIDVWDELOLGDGH
GRDFHVVRjMXVWLoD7UDWDVHSRLVGHDOWHUQDWLYDSURYLVyULDDVHU
XWLOL]DGDHQTXDQWRQmRFRQVWLWXtGRRWULEXQDODUELWUDOµ
´$OpPGLVVRQmRKiYLRODomRGD/HLSRUTXDQWRD0H
OKRUDPHQWRV QmR WLQKD RXWUD DOWHUQDWLYD VHQmR VRFRUUHUVH GR
3RGHU-XGLFLiULRXPDYH]TXHDDUELWUDJHPDLQGDQmRKDYLDVLGR
LQVWLWXtGDRTXHFRPRpQRWyULRGHSHQGHGHLQ~PHUDVSURYLGrQ
FLDVHOHLomRGHiUELWURVHODERUDomRGHUHVSHFWLYRUHTXHULPHQWR
WUDGXomRGHGRFXPHQWRVHWF$OpPGLVVRDFkPDUDHOHLWDSHODV
SDUWHVpVHGLDGDQD)UDQoDRTXHGHPDQGDULDDLQGDPDLVWHPSR
$SUySULDDJUDYDGDDSyVRDMXL]DPHQWRGDFDXWHODUDVVXPLXR
FRPSURPLVVRGHLQVWLWXLUDDUELWUDJHPGHQWURGRSUD]RGHWULQWD
GLDVRTXHMiSURYLGHQFLRXµ
´&RQWXGR VLWXDomR sui generis LQVWDORXVH QRV SUHVHQWHV DXWRV
SRVWRTXHDPHGLGDSURSRVWDpXUJHQWHHDVXDSURSRVLWXUDFRQ 97
IRUPHVHLQIHUHGDSUySULDGRFXPHQWDomRFRODFLRQDGDDHVWHLQV
WUXPHQWRIRLUHDOL]DGDDQWHVGHLQVWDXUDGRRMXt]RDUELWUDO2UD
DGRXWULQDHDMXULVSUXGrQFLDWrPDGPLWLGRRUHFXUVRjMXVWLoDHV
WDWDOTXDQGRDLQGDQmRLQVWLWXtGDDDUELWUDJHPGDGRRFDUiWHUXU
JHQWHGDPHGLGDHSRUTXHSDUDDLQVWLWXLomRGRMXt]RDUELWUDOVmR
QHFHVViULRVYiULRVSDVVRVFDPLQKRVDVVLQDWXUDVGHGRFXPHQWRV
QmRSRGHQGRDSDUWHLQWHUHVVDGDHVSHUDUµ
(PHVWXGRFRQFOXtGRQRDQRGHUHVXOWDQWHGHXPDSDUFHULDHQWUHD
)XQGDomR *HW~OLR 9DUJDV H R &RPLWr %UDVLOHLUR GH $UELWUDJHP VREUH PHGLGDV GH
XUJrQFLDHFRHUFLWLYDV29YHULÀFRXVHTXHGDVVHVVHQWDHFLQFRGHFLV}HVH[DPLQDGDV

7-5-&kPDUD&tYHO$JUDYRGH,QVWUXPHQWR5HODWRU'HVHPEDUJD
GRU+HOHQR5LEHLUR3HUHLUD1XQHVM1RPHVPRVHQWLGR7-5-&kPDUD&tYHO$SHODomR
&tYHO5HODWRU'HVHPEDUJDGRU6HUJLR&DYDOLHUL)LOKRM

7-63&kPDUD&tYHO$JUDYRGH,QVWUXPHQWR5HODWRU'HVHPEDUJDGRU
6pUJLR*RPHVM

'RPLQJRV&RHOKRM1RPHVPRVHQWLGR7-0*&kPDUD&tYHO$JUDYRGH,QVWUXPHQWR
5HODWRU'HVHPEDUJDGRU$OYLPDUGHÉYLODM
29
'LVSRQtYHOHPZZZFEDURUJEU3')0HGLGDVBGHB8UJHQFLDBHB&RHUFLWLYDVSGI
ARBITRAGEM
FLQTXHQWD H VHWH GHFLV}HV WUDWDUDP GR UHFRQKHFLPHQWR GR FDELPHQWR GH PHGLGDV
SUpDUELWUDLVVHQGRTXHGHQWUHHODVFLQTXHQWDHWUrVUHFRQKHFHUDPTXHDDWXDomR
GR3RGHU-XGLFLiULRHVWDYDOLPLWDGDjIDVHSUpDUELWUDOHTXHDGHFLVmRÀQDOVREUHR
PpULWRGDDUELWUDJHPHUDGHDXWRULGDGHGR7ULEXQDODUELWUDO(VVHUHVXOWDGRWUDGX]D
FRQVFLrQFLDGDDWXDomRFRODERUDWLYDGDMXVWLoDHVWDWDOFRPRVyUJmRVDUELWUDLVHVSH
FLDOPHQWHQDIDVHSUHSDUDWyULDDDUELWUDJHP
$SRVVLELOLGDGHGHSURSRUDo}HVFDXWHODUHVSHUDQWHDMXULVGLomRHVWDWDOSDUD
RVFDVRVHPTXHDLQGDQmRKiXP7ULEXQDODUELWUDOIRUPDGRGHPRQVWUDFRPRpLQGLV
SHQViYHODFRRSHUDomRGR3RGHU-XGLFLiULRjDUELWUDJHPSRUVHUSUHFLVRLPSHGLUTXHRV
LQWHUHVVHVGDVSDUWHVÀTXHPGHVDPSDUDGRVHQTXDQWRQmRVHLQVWDXUDRSURFHGLPHQWR
DUELWUDO,PSRUWDQWHGHVWDFDUTXHSDUDHIHLWRVGHSURFHGLPHQWRGHYHVHUREVHUYDGDD
UHJUDGRDUWGR&yGLJRGH3URFHVVR&LYLOTXHGHWHUPLQDDSURSRVLWXUDGDDomR
SULQFLSDORXVHMDDDUELWUDJHPQRSUD]RGHWULQWDGLDV$HVVHUHVSHLWRWUDQVFUHYHVH
OLomRGH-RHO'LDV)LJXHLUD-XQLRU
´1DVKLSyWHVHVGHFDXWHODUHVSUHSDUDWyULDVDIRUDGDVSHUDQWHDMX
ULVGLomRS~EOLFDRSURFHVVRDFDXWHODWyULRUHJHVHLQWHJUDOPHQWH
SHODVQRUPDVLQVFXOSLGDVQR/LYUR,,,GR&3&RTXHLPSRUWD
HQWUHRXWURVDVSHFWRVGL]HUTXHRMXt]RDUELWUDOGHYHUDVHULQV
98 WDXUDGRQRSUD]RGHGLDVFRQWDGRVGDGDWDGDHIHWLYDomRGD
PHGLGDDUWµ
(PTXHSHVHDFRODERUDomRSUHVWDGDSHOR-Xt]RHVWDWDODDomRSULQFLSDODVHU
SURSRVWDpDDUELWUDJHPSHORIDWRGHTXHVmRRViUELWURVDTXHOHVFRPSHWHQWHVSDUDFR
QKHFHUHMXOJDURPpULWRGHWDLVTXHVW}HV(VVHIDWRFRQWXGRQmRDIDVWDDUHOHYkQFLDGD
FRRSHUDomRHQWUHRyUJmRHVWDWDOHRDUELWUDOSRVWRTXHDPHGLGDFDXWHODUVXEPHWLGDDR
MXGLFLiULRVHUYHFRPRXPLQVWUXPHQWRJDUDQWLGRUGD´HÀFLrQFLDGRSURYLPHQWRMXULVGLFLRQDO
SULQFLSDOµQDDUELWUDJHP
6HSRUXPODGRHVWiPDLVGRTXHGHPRQVWUDGRTXHDFRRSHUDomRGR3RGHU
-XGLFLiULRpLQGLVSHQViYHOjHIHWLYLGDGHHDRGHVHQYROYLPHQWRGDDUELWUDJHPHVSHFLDO
PHQWHHPUHODomRDPHGLGDVGHXUJrQFLDHFDXWHODUHVWDQWRLQFLGHQWDLVTXDQWRSUHSD
UDWyULDVDDUELWUDJHPSRURXWURODGRDLQGDSDLUDXPDLQFHUWH]DDUHVSHLWRGDIRUPDGH
FRPXQLFDomRDVHUHVWDEHOHFLGDHQWUHRVyUJmRVMXGLFLDLVHDUELWUDLV

$UWLJR&DEHDSDUWHSURSRUDDomRQRSUD]RGHWULQWDGLDVFRQWDGRVGDGDWDGDHIHWLYDomR
GDPHGLGDFDXWHODTXDQGRHVWDIRUFRQFHGLGDHPSURFHGLPHQWRSUHSDUDWyULR

-RHO 'LDV )LJXHLUD -U $UELWUDJHP MXULVGLomR H H[HFXomR DQiOLVH FUtWLFD GD /HL GH 6mR
3DXOR57S

&kQGLGR5DQJHO'LQDPDUFR$LQVWUXPHQWDOLGDGHGRSURFHVVR6mR3DXOR0DOKHLURVS
KATHERINE SPYRIDES
'DFRPXQLFDomRSUiWLFDHQWUHR3RGHU-XGLFLiULRHR
-Xt]R$UELWUDO
&RPRLQWXLWRGHPHOKRUH[DPLQDUDIRUPDGHFRPXQLFDomRHQWUHRVMXt]HV
HVWDWDLVHiUELWURVQRTXHGL]UHVSHLWRjVPHGLGDVGHXUJrQFLDHFDXWHODUHVVHUiSULPHL
UDPHQWHDERUGDGDDKLSyWHVHHPTXHRiUELWURFRQFHGHDPHGLGDSURYLVyULDHSUHFLVD
UHFRUUHUDR-XGLFLiULRSDUDH[HFXWiODSDUDHPVHJXLGDWUDWDUGDFRPXQLFDomRTXDQGR
DFRRSHUDomRGRMXGLFLiULRRFRUUHDQWHVPHVPRGHLQVWDXUDGDDDUELWUDJHP
&RPXQLFDomRDVHUHVWDEHOHFLGDQRFDVRGHPHGLGDV
XUJHQWHVLQFLGHQWDLVFRQFHGLGDVSHORiUELWUR
$HIHWLYLGDGHGHPHGLGDGHXUJrQFLDFRQFHGLGDSHORiUELWURQRFXUVRGRSUR
FHGLPHQWRDUELWUDOHTXHQmRIRLFXPSULGDHVSRQWDQHDPHQWHGHSHQGHGDFRRSHUDomR
GR-Xt]RHVWDWDOSDUDGHWHUPLQDUVXDH[HFXomRIRUoDGD$LQGDTXHRFRQWH~GRGDSUHV
WDomRGDIXQomRMXULVGLFLRQDOFRPSDUWLOKDGDHQWUHRMXL]HRiUELWURHVWHMDGHOLQHDGDD
IRUPDDWUDYpVGDTXDOWDLVyUJmRVGHYHPVHFRPXQLFDUQmRHVWi
$SHVDUGHD/HLGH$UELWUDJHPHPVHXDUWGHL[DUFODURTXHFDEHDR
iUELWUR´solicitar DRyUJmRGR3RGHU-XGLFLiULRµRLPSOHPHQWRIRUoDGRGHWDLVPHGLGDVHVVH
99
GLSORPDOHJDOQDGDSUHYrVREUHcomoRiUELWURGHYHVHGLULJLUDRMXL]WRJDGR
'LDQWHGDIDOWDGHUHJXODPHQWDomRDUHVSHLWRHGDQHFHVVLGDGHUHDOGHHVWDEH
OHFHUXPSDGUmRGHFRPXQLFDomRDGRXWULQDFRQVWUXLXHQWHQGLPHQWRVIXQGDPHQWDGRV
QDHTXLSDUDomRHQWUHMXL]HiUELWURFRQWHPSODGDSHORDUWGD/HLGH$UELWUDJHP
6HJXLQGRHVVDOyJLFDRiUELWURSRGHHQWmRFRPXQLFDUVHFRPRMXL]WRJDGRDGRWDQGR
SURFHGLPHQWRHTXLYDOHQWHjFRPXQLFDomRXWLOL]DGDSHORVMXt]HVWRJDGRVFRQIRUPHHQ
VLQD&DUORV$OEHUWR&DUPRQD
´2iUELWURGLULJLUVHiDRMXL]DWUDYpVGHPHURRItFLRLQVWUXtGR
FRPFySLDGDFRQYHQomRGHDUELWUDJHPHGRDGHQGRGHTXHWUDWD
RDUWSDUiJUDIR~QLFRGD/HLGH$UELWUDJHPVHH[LVWLU(Q
TXDQWRQmRKRXYHUUHJXODPHQWDomRSDUDRVWUkPLWHVQHFHVViULRV
DR FXPSULPHQWR GD VROLFLWDomR GR FRQFXUVR GR MXL] WRJDGR R
PHOKRUPpWRGRVHUiRGDGLVWULEXLomRGRRÀFLRDXPGRVMXt]RV
FtYHLVFRPSHWHQWHVSDUDRDWRµ
,QWHUHVVDQWHQRWDUGRLVLPSRUWDQWHVDVSHFWRVGHVWDFDGRVSHORLOXVWUHSURIHV
VRU 3ULPHLUR R RItFLR HQYLDGR DR MXL] GHYH HVWDU LQVWUXtGR FRP DOpP GD GHFLVmR D
&DUORV$OEHUWR&DUPRQD$UELWUDJHPHSURFHVVR6mR3DXOR$WODVS1HVVHPHVPRVHQWLGR

YHU:DOG1RYRVUXPRVSDUDDDUELWUDJHPQR%UDVLO5HYLVWDGHGLUHLWREDQFiULRGRPHUFDGRGHFDSLWDLVHGD
DUELWUDJHP6mR3DXORDQRQRXWGH]S-RHO'LDV)LJXHLUD-UArbitragem, jurisdição e
H[HFXomRDQiOLVHFUtWLFDGD/HLGH6mR3DXOR57S
ARBITRAGEM
FRPSURYDomRGHTXHDVSDUWHVHVFROKHUDPDDUELWUDJHPFRPRIRUPDGHUHVROXomRGRV
FRQÁLWRVRULXQGRVGRFRQWUDWRHQWUHHODVFHOHEUDGRV$FySLDGDFRQYHQomRGHDUELWUD
JHPVHUYLUiDRPHVPRWHPSRFRPRLQVWUXPHQWRGHFRPSURYDomRGDFRPSHWrQFLD
GRiUELWURSDUDFRQKHFHUHMXOJDURPpULWRGDTXHODFDXVDDVVLPFRPRSDUDGHPRQVWUDU
TXHDDWXDomRGR3RGHU-XGLFLiULRQDTXHOHPRPHQWRHVWiUHVHUYDGDjH[HFXomRIRUoD
GDGDPHGLGDGHXUJrQFLDFRQFHGLGDSHORiUELWUR1RTXHGL]UHVSHLWRDRVGRFXPHQWRV
TXHDFRPSDQKDPRPHQFLRQDGRRItFLRHQWHQGHPRVVHULPSRUWDQWHDSUHVHQWDUDLQGD
DTXHOHVTXHFRPSURYDPWHUVLGRRWULEXQDODUELWUDOUHJXODUPHQWHFRQVWLWXtGRFRPR
GHVWDFDP-RVp$QWRQLR)LFKWQHUH$QGUp/XtV0RQWHLUR
´$ VROLFLWDomR GH DX[tOLR DR 3RGHU -XGLFLiULR VHUi HQFDPLQKDGD

SHORiUELWURSRUPHURRItFLRLQVWUXtGRFRPFySLDGDFRQYHQomR
GH DUELWUDJHP GRV DWRV GH LQVWLWXLomR GR WULEXQDO DUELWUDO H GD
GHFLVmR SDUD TXH R MXt]R HVWDWDO UHFRQKHoD D VXD LQYHVWLGXUD H
SRVVD GHWHUPLQDU R FXPSULPHQWR IRUoDGR GD GHFLVmR 1mR Ki
QHFHVVLGDGHGHPDLRUHVIRUPDOLGDGHVµ
(P VHJXQGR OXJDU p UHOHYDQWH D RULHQWDomR VHJXQGR D TXDO HQTXDQWR QmR

100 KRXYHUUHJUDVGHÀQLGDVVREUHDFRPXQLFDomRHQWUHWDLVyUJmRVRGLWRRItFLRGHYHUiVHU
GLVWULEXtGRDXPGRV-Xt]RVFtYHLVRULJLQDULDPHQWHFRPSHWHQWHV
3DUDHVVHHIHLWRpLQGLVSHQViYHOID]HUPHQomRDXPUHFHQWHDYDQoRSHORTXDO
SDVVRX R 7ULEXQDO GR (VWDGR GR 5LR GH -DQHLUR 5HVXOWDGR GH HVIRUoRV GH GLYHUVRV
PDJLVWUDGRVMXQWDPHQWHFRPD&RPLVVmRGH$UELWUDJHPGD2$%5-IRLHGLWDGDSHOR
ÐUJmR(VSHFLDOGDTXHOH7ULEXQDOD5HVROXomRQSXEOLFDGDHPGHMXOKRGH
TXHDWULEXLjV9DUDV(PSUHVDULDLVDFRPSHWrQFLDSDUDDSUHFLDUTXHVW}HVUHODWLYDV
jDUELWUDJHPHSURFHGLPHQWRVFRUUHODWRV7DOPHGLGDGHYHVHUHORJLDGDSRLVUHSUH
VHQWDXPSDVVRODUJRQRVHQWLGRGHFRQVWUXLUSDUkPHWURVIDFLOLWDGRUHVGDFRPXQLFDomR
HQWUHMXt]HVHiUELWURV
$GLFLRQDOPHQWH RXWUD LQLFLDWLYD PHUHFH DSODXVRV 7UDWDVH GD SURSRVWD GH
HPHQGDDRDQWHSURMHWRGRQRYR&yGLJRGH3URFHVVR&LYLOVXEPHWLGDSHODSDUFHULDHQ
WUH38&63H2$%5-HDFROKLGDSHOD&RPLVVmR7HPSRUiULDGH5HIRUPDGR&yGLJRGH
3URFHVVR&LYLOUHODWDGDSHOR6HQDGRU9DOWHU3HUHLUDFXMRSDUHFHUpGDWDGRGHGHGH
]HPEURGH'HQWUHDVVXJHVW}HVDTXHLQWHUHVVDPDLVHVSHFLÀFDPHQWHDRSUHVHQWH
WUDEDOKRSURS}HPRGLÀFDomRDRDUWHWUDWDMXVWDPHQWHGDIRUPDGHFRPXQLFDomRD
VHUDGRWDGDSHORiUELWURSDUDVROLFLWDUDFRRSHUDomRMXULVGLFLRQDO

-RVp$QWRQLR)LFKWQHUH$QGUp/XtV0RQWHLUR0HGLGDVXUJHQWHVQRSURFHVVRDUELWUDOEUDVLOHLURIn-RVp$QWRQLR

$SURSyVLWRGRDVVXQWR5RGULJR*DUFLDGD)RQVHFDH)HUQDQGD0HGLQD3DQWRMD$V9DUDV(PSUH-
VDULDLVGR5LRGH-DQHLURSDVVDPDVHUHVSHFLDOL]DGDVHPPDWpULDGHDUELWUDJHP5HYLVWDGHDUELWUDJHPHPHGLDomR
9QRXWGH]S
KATHERINE SPYRIDES
'HQWURGHVVHUHJLPHIRLFULDGDDFKDPDGDćarta arbitralµTXHGHDFRUGRFRP
RSUySULRUHODWyULRGDFRPLVVmR
´3DVVDDVHUXPUHOHYDQWHLQVWUXPHQWRGHFRRSHUDomRMXULVGLFLR
QDOSRLVSHUPLWHDPHOKRULDGDVFRPXQLFDo}HVHQWUHRMXt]RDU
ELWUDOHR3RGHU-XGLFLiULRVHPDIURQWDUDFRQYLYrQFLDKDUP{QLFD
HQWUHRV(VWDGRVFRQWULEXLQGRSRUWDQWRSDUDDHIHWLYDomRGHVVH
PHLRGHVROXomRGHFRQÁLWRVTXHpDDUELWUDJHPµ
$FDUWDDUELWUDOQmRGHL[DGHVHUXPDVRUWHGH´RItFLRµIRUPDGHFRPXQLFDomR
MiDYHQWDGDSHODGRXWULQDHQWUHWDQWRDSDUWLUGHVVHPRPHQWRRRItFLRJDQKDXPQRPH
HXPDIRUPDGHÀQLGD$UHVSHLWRGDIRUPDDUHGDomRVXJHULGDSDUDRDUW
GLVS}HDLQGDTXH
´$FDUWDDUELWUDODWHQGHUiQRTXHFRXEHUDRVUHTXLVLWRVGDFLWD
omRSRUPDQGDGRHVHUiLQVWLWXtGDFRPDFRQYHQomRGHDUELWUD
JHPDSURYDGDQRPHDomRGRiUELWURHDSURYDGDDFHLWDomRGD
IXQomRSHORiUELWURµ
101
2XWUDLPSRUWDQWHVXJHVWmRLJXDOPHQWHDFROKLGDHTXHHVWiLQWLPDPHQWHOLJD
GDDRDVVXQWRIRLDUHYLVmRGDUHGDomRGRDUWTXHYLVDHVWHQGHUDUHJUDGHFRQ
ÀGHQFLDOLGDGHDGRWDGDQDDUELWUDJHPSDUDRFXPSULPHQWRGDFDUWDDUELWUDOGHYHQGRR
SURFHVVRQHVVHFDVRFRUUHUHPVHJUHGRGHMXVWLoD
$YDQWDJHPWUD]LGDSHODFDUWDDUELWUDOQRDQWHSURMHWRGRQRYR&yGLJRGH3UR
FHVVR&LYLOWHPGXSORDOFDQFH$RPHVPRWHPSRTXHGHWHUPLQDDIRUPDDVHUREVHUYD
GDSHORiUELWURDRVHGLULJLUDRMXL]WRJDGRWDPEpPFKDQFHODDFRPSHWrQFLDGRiUELWUR
SDUDID]rOR6HSRUXPODGRKiXPPRYLPHQWRFRQYHUJHQWHQRVHQWLGRGHGHWHUPLQDU
XPSURFHGLPHQWRGHFRPXQLFDomRTXHSDUWHGRiUELWURHVHGLULJHDR3RGHU-XGLFLiULR
WDOHVWiJLRDLQGDQmRIRLDOFDQoDGRQRTXHWRFDjFRPXQLFDomRQDGLUHomRLQYHUVDRX
VHMDGRMXL]DRiUELWUR

9LGH3DUHFHUGD&RPLVVmR7HPSRUiULDGH5HIRUPDGR&yGLJRGH3URFHVVR&LYLODSUHVHQWDGRSHOR
UHODWRU6HQDGRU9DOWHU3HUHLUDLWHQV,,(PHQGDH,,²(PHQGD
KWWSZZZVHQDGRJRYEUDWLYLGDGHPDWHULDJHW3')DVS"W

$UW2VDWRVSURFHVVXDLVVmRS~EOLFRV&RUUHPWRGDYLDHPVHJUHGRGHMXVWLoDRVSURFHVVRV
,9²TXHGL]HPUHVSHLWRDRFXPSULPHQWRGHFDUWDDUELWUDOGHVGHTXHDFRQÀGHQFLDOLGDGHHVWLSXOD
GDQDDUELWUDJHPVHMDFRPSURYDGDSHUDQWHRMXt]R
ARBITRAGEM
&RPXQLFDomRDVHUHVWDEHOHFLGDQRFDVRGH
PHGLGDVSUHSDUDWyULDVFRQFHGLGDVSHOR-Xt]RHVWDWDO
8OWUDSDVVDGDDTXHVWmRVREUHDSRVVLELOLGDGHGHRVMXt]HVHVWDWDLVDSUHFLDUHP
PHGLGDVGHXUJrQFLDHFDXWHODUHVDQWHVGHLQVWDXUDGRR7ULEXQDODUELWUDOUHVWDVDEHU
FRPRDSyVDFRQFHVVmRGHWDLVPHGLGDVSHOR-XGLFLiULRGHYHUiVHUUHDOL]DGRRFRQWDWR
SDUWLQGRGHVVDYH]GRMXL]WRJDGRDRiUELWUR
$LPSRUWkQFLDGHHVWDEHOHFHUXPSURFHGLPHQWRGHFRPXQLFDomRQHVVHFDVR
pH[WUHPDPHQWHVHQVtYHOSRLVVRPHQWHXPFRQWDWRÁXLGRpFDSD]GHJDUDQWLUDLQLQ
WHUUXSomRGDSUHVWDomRMXULVGLFLRQDOTXHSDVVDGRMXL]DRiUELWURH[FOXLQGRRULVFRGH
KDYHUXPKLDWRGHMXULVGLomR
eSUHFLVROHPEUDUTXHQHVVHVFDVRVDMXULVGLomRpSURYLVRULDPHQWHH[HUFLGD
SHOR-XGLFLiULRDWpRPRPHQWRHPTXHR7ULEXQDODUELWUDOIRUHIHWLYDPHQWHLQVWDXUDGR
(PEUHYHVtQWHVHDDXWXDomRGRMXL]WRJDGRSRGHVHUHTXLSDUDGDjGRMXL]GHSODQ
WmR7mRORJRVHMDPRViUELWURVLQYHVWLGRVFRPRVSRGHUHVMXULVGLFLRQDLVHOHVGHYHP
DVVXPLUVXDIXQomRHVHULQIRUPDGRVVREUHRTXHWHQKDHYHQWXDOPHQWHRFRUULGRDWp
DTXHOHLQVWDQWHSHUDQWHRMXL]WRJDGRFRQIRUPHUHFRQKHFLGRHPGHFLVmRGR7ULEXQDO
GH-XVWLoDGR(VWDGRGH6mR3DXORDEDL[RWUDQVFULWD
102 ´$VVLP LQVWDXUDGR R MXt]R DUELWUDO DV PHGLGDV XUJHQWHV GH

YHPVHUOHYDGDVDRFRQKHFLPHQWRGRiUELWURTXHGHVVDIRU
PDVROLFLWDUiDTXHODVTXHHQWHQGHUFDEtYHLVSHUDQWHRyUJmRGR
3RGHU-XGLFLiULRTXHVHULDRULJLQDULDPHQWHFRPSHWHQWHSDUDMXO
JDUDFDXVDQRVWHUPRVGRDUWGD/HLµ
GHVWDTXHVQRVVRV
$TXHVWmRTXHVHFRORFDHQWUHWDQWRpcomoGHYHRMXL]HVWDWDOSURFHGHUSDUDVH
FRPXQLFDUFRPRVyUJmRVDUELWUDLV$UHVSHLWRGHVVDSUHRFXSDomRYHPVHQGRH[SHUL
PHQWDGDXPDWHQGrQFLDQR7ULEXQDOGH-XVWLoDGH0LQDV*HUDLVMiDGRWDGDHPGLYHUVDV
UHSULVHVVHJXQGRDTXDOGHYHPRVMXt]HVWRJDGRVUHPHWHURVDXWRVGDPHGLGDFDXWHODU
SHUDQWHHOHVSOHLWHDGDVDRWULEXQDODUELWUDOTXHVHFRQVWLWXLHPVHJXLGD
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d®2 '( 3527(672 -8Ì=2 $5%,75$/ ,167$85$
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MXOJDPHQWRFRPGHFLVmRGHPpULWRTXHDQDOLVDULDDSRVVLELOLGDGHRXQmRGDKRPRORJD
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SDUDOHORGRVGRLVSURFHVVRVVHQGRLQFRQFHEtYHODVXVSHQVmRGHTXDOTXHUXPGHOHV
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UHODFLRQDGDVjSHQGrQFLDGHDomRQR-XGLFLiULREUDVLOHLURHVHXVHIHLWRVVREUHXPDDomR
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299

Arbitragem: Nacional e Internacional

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Arbitragem

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